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According to a filing with the US SEC on Monday, the company is offering 50 million of its Class A common stock priced between $40 and $46 each.
Upon completion of this offering, Venture Global will have two classes of common stock, Class A common stock and Class B common stock.
Each share of Class A common stock is entitled to one vote per share, while each share of Class B common stock is entitled to ten votes per share, the company said.
Based on the outstanding shares listed in the IPO, Venture Global is targeting up to $110.4 billion valuation.
Venture Global applied to list its Class A common stock on the New York Stock Exchange under the symbol “VG.”
After the completion of this offering, VG Partners will continue to beneficially own common stock representing more than 50 percent of the total combined voting power of Venture Global’s outstanding common stock eligible to vote in the election of directors.
As a result, Venture Global will be a “controlled company” for the purposes of the NYSE listing requirements, it said.
Last month, Venture Global filed for the IPO. The company also revealed plans to boost its export capacity to 104.4 mtpa via five projects by 2034.
The registration statement has 299 pages and includes much information that has not previously been revealed to the public.
Venture Global’s founders, Robert Pender and Michael Sabel, control Venture Global Partners II, or VG Partners, which is the company’s controlling stockholder.
Prior to this offering, VG Partners owned about 84 percent of all series of Venture Global’s common stock outstanding.
LNG projects
Venture Global’s first LNG plant, Calcasieu Pass, produced its first LNG on January 19, 2022, moving from FID to LNG production in 29 months, and the first commissioning cargo left the facility on March 1, 2022.
However, the 10 mtpa facility is still in commissioning mode.
Energy giants Shell and BP and other firms are in a dispute with Venture Global over the launch of commercial operations at the facility, and they previously launched arbitration proceedings against Venture Global.
Venture Global said in the registration document that the facility had loaded and sold 342 LNG commissioning cargoes as of September 30, 2024.
According to Venture Global, the company received about $19.6 billion in gross proceeds from such commissioning cargoes.
“We are currently targeting a COD (commercial operations date) for the Calcasieu project at the end of March 2025,” the company said.
Besides Calcasieu Pass, Venture Global recently started production at its Plaquemines LNG export plant in Louisiana.
With this, Plaquemines LNG becomes the eighth US LNG export facility.
Venture Global delivered the first Plaquemines LNG commissioning cargo to Germany.
The company took a final investment decision in May 2022 on the first phase of the Plaquemines project with a capacity of 13.3 mtpa and the related pipeline. It also secured $13.2 billion in project financing.
In March last year, the company sanctioned the second phase of the Plaquemines LNG export plant in Louisiana and also secured $7.8 billion in project financing.
The full project, including the second stage, will have a capacity of 20 mtpa coming from 36 modular units, configured in 18 blocks.
Venture Global said in the document it is targeting a COD for the Plaquemines project in the third quarter of 2026 for Phase 1 and the second quarter of 2027 for Phase 2.
Besides these two projects, Venture Global is working on the proposed CP2 LNG project in Louisiana, the Delta project, and its fifth project, CP3.